Shiba Inu whales were actively buying the token prior to the big news, but it might not be enough for a full reversal
Following Robinhood’s listing of Shiba Inu, the price of the token skyrocketed 20%. The massive buying power of whales fueled the rally. This one in particular seized $20 million worth of tokens, according to the alert from WhaleStats.
The 12th biggest whale on the Ethereum network has purchased 775 billion tokens, which is one of the largest Shiba Inu purchases in the last few days. “BlueWhale0073” joined his or her colleagues that also started furiously buying the token prior to the Robinhood listing.
Previously, the largest whale in the Ethereum network, which holds a record number of Shiba Inu tokens, bought a moderate amount of tokens worth $6 million. In addition to a whale named “Light”, other major traders and investors were actively buying the token prior to listing.
Most likely, whales had insider information about the upcoming listing and started actively buying the token to make a profit.
Is 20% pumping enough for Shiba Inu?
Although such a price surge is good news for the token, it has not shown any significant price movement lately. But despite the sharp rise, a 20% spike might not be enough for the long-term price reversal that most investors expect.
The Robinhood listing was a long-awaited event for the whole Shiba Inu community and was reflected by the market many times, as several rumors appeared in the space months before the listing.
As for the rise in prices, it is barely enough to cover the last two weeks of losses. Thanks to the pump, Shiba Inu reached the upper edge of the rangebound formed in early March.
At press time, SHIB trades for $0.000027 following the 7% retrace from the local top.
